Importance The article considers trends in the Russian ruble exchange rate fluctuations during the post-sanctions period from the perspective of their contradictory impact on the Russian economy. Objectives The aim is to unveil patterns in search of the optimal ruble exchange rate, which contributes to achieving the main macroeconomic goals of contemporary Russia. Methods We apply a dialectical method to study the common factors governing the formation of the economic policy of the government in their development. Results The paper highlights reasons behind the post-sanctions devaluation of the Russian currency, underpins the prevailing negative impact of excessive devaluation on the dynamics of GDP and inflationary processes taking place in Russia. Conclusions and Relevance Ascending economic development is impossible under the current exchange rate of ruble. The largest exporters of commodities, financial speculators and the Ministry of Finance of the Russian Federation are characterized as major beneficiaries of the transition to the floating exchange rate of ruble. Achieving the optimal exchange rate of ruble in the course of overcoming its current undervaluation is seen as a critical success factor in the Russian economy diversification and the 'Dutch disease' eradication.
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